Gold prices fell on August 1 morning, Report informs referring to the auction data.
The price of December futures for gold on the New York Comex exchange fell by $12.65 (0.63%) to $1,996.55 per troy ounce. September silver futures fell 0.98% to $24.727 an ounce.
The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.14% to 102 points. A stronger dollar makes gold less available to buy in another currency.
At the end of July, at the same time, gold rose in price by a little more than 4% after two months of decline in a row. The price of gold reflected expectations about the monetary policy of the US Federal Reserve System (FRS). Last month, the regulator expectedly raised the rate by 25 basis points, to 5.25-5.5% per annum. Now, according to CME Group, 82.5% of analysts expect the rate to remain at the current level in September.
Gold is sensitive to the Fed’s monetary policy, as it affects the dollar exchange rate, on which the precious metal’s quotes depend.